States where they want to be, organization's purpose and values May change, but still uses cores and values, along with customer needs and vision Should remain intact even if market changes dramatically, specifies on what organization represents Explain the importance of objectives in managing your organization 4 Within a business, objectives and ideas will naturally surface upon a business. Initially, it gives purpose and unity which guides the company in a certain direction. They also not only help encourage strategic thinking, specifically organizing and developing for the longer term, but also provide a certain range of measurement or management for the business itself.
Now, we shall discuss all these objectives in detail. Economic objectives of business refer to the objective of earning profit and also other objectives that are necessary to be pursued to achieve the profit objective, which include, creation of customers, regular innovations and best possible use of available resources.
Profit is the lifeblood of business, without which no business can survive in a competitive market. In fact profit making is the primary objective for which a business unit is brought into existence.
Profits must be earned to ensure the survival of business, its growth and expansion over time. Profits help businessmen not only to earn their living but also to expand their business activities by reinvesting a part of the profits.
In order to achieve this primary objective, certain other objectives are also necessary to be pursued by business, which are as follows: A business unit cannot survive unless there are customers to buy the products and services.
For this it needs to attract more customers for its existing as well as new products. This is achieved with the help of various marketing activities. Innovation means changes, which bring about improvement in products, process of production and distribution of goods.
Business units, through innovation, are able to reduce cost by adopting better methods of production and also increase their sales by attracting more customers because of improved products. Reduction in cost and increase in sales gives more profit to the businessmen. Use of power looms in place of handlooms, use of tractors in place of hand implements in farms etc.
As we all know, to run any business we must have sufficient capital or funds. The amount of capital may be used to buy machinery, raw materials, employ men and have cash to meet day-to-day expenses.
Thus, business activities require various resources like men, materials, money and machines. The availability of these resources is usually limited. Thus, every business should try to make the best possible use of these resources.
Making full use of machines and minimizing wastage of raw materials, can achieve this objective. Social objective are those objectives of business, which are desired to be achieved for the benefit of the society. Since business operates in a society by utilizing its scarce resources, the society expects something in return for its welfare.
No activity of the business should be aimed at giving any kind of trouble to the society. If business activities lead to socially harmful effects, there is bound to be public reaction against the business sooner or later. Social objectives of business include production and supply of quality goods and services, adoption of fair trade practices and contribution to the general welfare of society and provision of welfare amenities.
Since the business utilizes the various resources of the society, the society expects to get quality goods and services from the business he objective of business should be to produce better quality goods and supply them at the right time and at a right price It is not desirable on the part of the businessman to supply adulterated or inferior goods which cause injuries to the customers.
They should charge the price according to the quality of e goods and services provided to the society. Again, the customers also expect timely supply of all their requirements. So it is important for every business to supply those goods and services on a regular basis.
In every society, activities such as hoarding, black- marketing and over-charging are considered undesirable. Besides, misleading advertisements often give a false impression about the quality of products.
Such advertisements deceive the customers and the businessmen use them for the sake of making large profits. This is an unfair trade practice. The business unit must not create artificial scarcity of essential goods or raise prices for the sake of earning more profits. All these activities earn a bad name and sometimes make the businessmen liable for penalty and even imprisonment under the law.
Therefore, the objective of business should be to adopt fair trade practices for the welfare of the consumers as well as the society. Business units should work for the general welfare and upliftment of the society. This is possible through running of schools and colleges better education opening of vocational training centres to train the people to earn their livelihood, establishing hospitals for medical facilities and providing recreational facilities for the general public like parks, sports complexes etc.
Human objectives refer to the objectives aimed at the well-being as well as fulfillment of expectations of employees as also of people who are disabled, handicapped and deprived of proper education and training.
The human objectives of business may thus include economic well-being of the employees, social and psychological satisfaction of employees and development of human resources. In business employees must be provided with tan remuneration and incentive for performance benefits of provident fund, pension and other amenities like medical facilities, housing facilities etc.aims and objectives of a business examples academic writing goals planning template smart plan otto planner,long term goals business plan sample how to write a great full guide blog financial smart for examples,keeping new year momentum business plan writes goals examples long term personal,writing a business plan otto goals planner examples sales,examples of personal goals for business plan.
Objectives set by businesses are measurable steps toward a goal. In this lesson, you'll learn more about what business objectives are, what purpose they serve, and the various types of objectives.
Writing measurable objectives What is the tip sheet for? The reason for writing any plan is to provide a business units responsible for implementing the The list of verbs below provides some examples of words that are action oriented applied to common interventions.
Jun 25, · Apple Inc. Objectives and Strategies When a company has established its marketing mix and began to understand its plan for the four P’s: product, place, price, and promotion.
It must then incorporate objectives and strategies for what the company aims to do and how it will reach its goals. Once you learn the difference between goals and objectives, you will realize that how important it is that you have both of them.
Definition of Goals and Objectives Goals ‘“ are long-term aims that you want to accomplish. Examples of Goals and Objectives Goals ‘“ I want to be a better ball player.
I want to learn more about. SMART goal setting is an effective process for setting business goals. Review these examples that provide easy-to-follow SMART goal examples. Everything You Need to Write a Winning Business Plan. How to Start Your Own Vending Machine Business.
How to Reach Your Biggest, Most Pivotal Goals in